XRP ETF Trends: Grayscale and Others Update Proposals

Several asset managers, including Grayscale, Bitwise, and others, have recently submitted updated statements for their proposed spot XRP exchange-traded funds (ETFs). This move signals a keen interest from finance firms in securing the SEC's approval to list these funds. Analysts view these filings as positive feedback from the Securities and Exchange Commission (SEC), which has yet to greenlight a spot XRP ETF despite numerous proposals being on the table. Bloomberg ETF analyst James Seyffart commented that the updates were likely a response to SEC feedback. He described it as a 'good sign', though expected. The new filings seem to adjust the structure of some funds to permit both XRP and cash creations, as well as cash or in-kind redemptions, moving beyond just cash transactions. Nate Geraci, president of NovaDius Wealth, echoed these sentiments, noting the significance of the clustered filings. He expressed optimism about this development. Interestingly, despite managing prominent spot Ethereum and Bitcoin ETFs, BlackRock has not filed for an XRP ETF and recently stated that there are no current plans to introduce one. Following a general market rally, the price of XRP surged 7%, reaching $3.08 at the time of this report.